MIRA
INFORM REPORT
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Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
D7-25/26, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.12.2006 |
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Com. Reg. No.: |
320205000085267 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Selling Filtration Equipment |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
WUXI SUOJIA TRADING CO., LTD.
D7-25/26, NO. 300 YOUYI NORTH ROAD
XISHAN ECONOMIC DEVELOPMENT ZONE
WUXI city, JIANGSU PROVINCE 214101 PR CHINA
TEL: 86 (0) 510-85030252/81019839
FAX: 86 (0) 510-82126113
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 14, 2006
REGISTRATION NO. : 320205000085267
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : cny 1,080,000
staff :
4
BUSINESS CATEGORY : TRADING
Revenue :
CNY 12,960,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 2,120,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s correct name should be the heading
one, instead of the given one-Wuxi Soujia Trading Co Ltd.
SC was established
as a limited liability company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 320205000085267
on December 14, 2006.
SC’s Organization Code Certificate No.: 79614360-4
SC’s registered capital: cny 1,080,000
SC’s paid-in capital: cny 1,080,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Deng Liping |
80 |
|
Huang Jie |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Deng Liping |
|
Supervisor |
Huang Jie |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Deng Liping 80
Huang Jie 20
MANAGEMENT
Deng Liping , Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320211196410202513
Ø
Age: 48
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Huang Jie ,
Supervisor
-------------------------------------
Ø
Gender: F
Ø
ID# 320211196311273826
Ø
Age: 49
Ø
Qualification:
University
BUSINESS OPERATION
SC’s
registered business scope includes selling and repairing filtration equipment,
compressors & accessories; sales of lubricating oil for compressor,
cultural goods, metal materials, hardware, chemical products, grocery, needle
textiles, automotive supplies, garment, telecommunications equipment, computer
hardware and software; importing and exporting commodities and technology.
SC is mainly
engaged in selling filtration equipment.
SC’s products
mainly include: filter core.
Acting brand:
SOTRAS.
SC sources its materials 60% from domestic
market, and 40% from overseas market, mainly Italy. SC sells 70% in domestic
market, and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 4 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not provide
any name of trade/service suppliers and we have no other sources to conduct the
enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank
China Construction Bank
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
770 |
960 |
|
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Notes receivable |
0 |
0 |
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Accounts
receivable |
3,480 |
1,310 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
60 |
60 |
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Inventory |
1,950 |
3,630 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
610 |
1,610 |
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|
------------------ |
------------------ |
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Current assets |
6,870 |
7,570 |
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Fixed assets |
129 |
94 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
1 |
-4 |
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|
------------------ |
------------------ |
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Total assets |
7,000 |
7,660 |
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|
============= |
============= |
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Short-term loans |
2,300 |
1,350 |
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Notes payable |
0 |
0 |
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Accounts payable |
1,960 |
4,280 |
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Wages payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
623 |
-156 |
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Other current
liabilities |
77 |
66 |
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|
------------------ |
------------------ |
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Current
liabilities |
4,960 |
5,540 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
4,960 |
5,540 |
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Equities |
2,040 |
2,120 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
7,000 |
7,660 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
12,960 |
|
Cost of sales |
10,590 |
|
Sales expense |
1,810 |
|
Management expense |
3,120 |
|
Finance expense |
31 |
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Profit before
tax |
156 |
|
Less: profit tax |
60 |
|
96 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.39 |
1.37 |
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*Quick ratio |
0.99 |
0.71 |
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*Liabilities
to assets |
0.71 |
0.72 |
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*Net profit
margin (%) |
-- |
0.74 |
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*Return on
total assets (%) |
-- |
1.25 |
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*Inventory /
Revenue ×365 |
-- |
103 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
37 days |
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*
Revenue/Total assets |
-- |
1.69 |
|
* Cost of
sales / Revenue |
-- |
0.82 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears large in 2011.
l
The accounts receivable of SC appears average in
2011.
l
The short-term loans of SC appear average in 2011.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
|
|
1 |
Rs.87.85 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.